Dovish ECB and hawkish Fed paint a bearish outlook for the EUR/USD. Is declining to 1.0770 the next stop?
EUR/NZD may form a top
2019-11-11 • Updated
SELL 1.7190; TP 1.7005; SL 1.7220
Last week, EUR/NZD got rejected from the resistance at 1.7590 thus failing to reach new highs. This week, the pair fell below the June highs in the 1.7300 area. Moving Averages both on the weekly and the daily chart are horizontal and located well below the current price: this means that there’s scope for the euro to decline more before it reaches any support. As a result, downside targets are located at 1.7000 and the pair will arrive there if it slides below 1.7190 (200-period MA on H4), confirming the top.
Last week, EURUSD broke below a significant support level, the gas price retested its October high, and the oil prices managed to correct lower on the bearish signs of more oil supplies coming into the market.
This article will analyze the possible scenarios for the EU, and what's more important, look at the charts. There is a lot to see, let's go!
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